EPAM Systems

EPAM

Information Technology Services · Technology

Price

$110.34

+3.58 (+3.35%)

Market Cap

$5.76B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Exceptional

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Share count falling — buybacks

−4.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 59.1M (2021) → 56.2M (2025)

Winston Score History

The full picture

EPAM Systems is a technology services company that builds custom software for other businesses. It designs, develops, and tests software applications for clients in industries like finance, healthcare, media, and retail. The company does not sell its own software products — instead, it provides the engineers and expertise that other companies hire to build their digital tools.

EPAM earns revenue by billing clients for the hours or projects its software engineers work on, similar to a staffing and consulting model. The company was founded in Eastern Europe and built much of its workforce in Ukraine, Belarus, and nearby countries, though it has been expanding into other regions since Russia's invasion of Ukraine in 2022 disrupted its talent base significantly. That geographic concentration remains the company's biggest risk, as rebuilding its workforce in new locations while keeping costs competitive is an ongoing challenge to its growth and margins.

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2 Congressional buys and 8 sells on EPAM in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+26.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

3.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

$789M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$789M cash & investments at current burn rate

Growth context

EPAM Systems is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.5%

Modest — 32.5% gross margin

Profit after running costs

Operating Margin

10.6%

Modest — 10.6% operating margin

Return on the money invested

ROCE

15.6%

Strong — 15.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+10.8%

Steady sales growth (+10.8% YoY)

Profit growth

EPS YoY

+4.8%

Modest earnings growth (+4.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

148%

Turns 148% of profit into real cash

Spare cash per sale

FCF Margin

9.7%

Modest free cash flow (9.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.9x

Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+7.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.9 → 7.9)

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Dividends

Not applicable for this business.

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